The asset management industry closed the month of April with heavily negative inflows. According to the data provided by Assogestioni – the Italian association of asset management companies – redemptions have reached quota 1,3 billion euros: 681 million from collective management and 618 million from portfolio management.
Subscriptions were mainly focused on bond products, which raised nearly 1,6 billion. A positive sign also for foreign law funds, which have accumulated a total of more than one billion. These products now represent 66% of assets under management in open-ended funds.
What weighed heavily on the funds' monthly balance was above all thehemorrhage from equity products, which lost 1,216 billion, penalized by the aversion to risk which has returned to dominate the markets. Surrenders also continued on flexible (-752 million), balanced (-118 million) and hedge (-319 million).
At the end of last month the assets managed by the system amounted to 967 billion. As for the performance of the main groups, in April Intesa Sanpaolo recorded negative inflows of 357 million. Even worse it went to Pioneer Investments (Unicredit group), which closed with -918 million. Positive balance instead for foreign groups such as Amundi (+270,5 million) e franklin templeton (+246,3 million) but also for the group Banco Popolare (+734 million).
